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This sounds like it's straight out of a common but book but it's not there -- magical rocks underground.
That have the power to help defend our nation to power missiles and keep us -- There isn't even a real name for -- they're just called a rare earth minerals but just like the oil we can't drill for.
There are too many obstacles in place mr.
Obama has put in place.
Quantum rare earth development is begging.
Begging the administration to let -- big baby dig.
Quantum CEO Peter -- he joins us now on the phone from Vancouver Canada.
The so please just tell us what exactly are rare earth minerals.
Over earth minerals are a segment -- located on the periodic chart they -- they didn't name is a bit of a misnomer actually they are.
Commonly found the rare and it comes into play when you try and locate and economic size deposit of these materials.
-- -- in very few locations around the world right now China is the dominant player in the market.
And they have essentially controlled.
Almost a 100% of the market to collapse and should tell us why they're important -- -- what what use are the they -- they how fast specific chemical and them metal and metallurgical uses that that can't be replicated with other materials.
Because of that you know as they see rare earth does a bit of a misnomer but to in a lot of respects they -- rare in the fact that they.
They're uses and there -- they're metallurgical properties are somewhat rare differentiating them.
From other material -- is -- and that the defense contract in.
They're definitely used in defense contract -- there.
You know they -- -- growth to everything.
In with respect to Green technologies.
They're very -- -- -- -- Modern science.
Such as yourself on your flat screen.
Being like keeping us competitive -- without tell us about that the mining of rare earth minerals.
Media department to do it in your having a hard time getting is that right.
Well essentially we're idea that we're at the -- -- -- -- defining our deposit.
We are looking forward to the future though.
When we get to that point two hopefully near future where we are looking at going through the -- process and that's really where we run into certain road blocks.
That the permitting process is it is a bit of an onerous task.
It's it's a multi jurisdictional multi level process that have to be could.
Endeavor and you know we would we would certainly welcome streamlining of that process to allow us to to plan for the future both fiscally and from time point of view.
All right Peter -- thank you very much please weigh in with us again -- as this process goes along -- police.
You bet you very much thank -- -- -- ran out to the panel wanted to go to -- you know for a long time.
Been involved in the in the energy industry and -- -- I've said one of the things we really need to do is we need to permit nuclear reactors quicker we need to have a design.
That's preapproved by the administration -- the board.
Nuclear regulatory committee all of bomb so that if someone award -- -- open up up up a regular a power reactor.
They could do it quickly not say five to ten year window of permit regulations.
Well I think people are afraid I mean people -- afraid of what happened in Japan with those nuclear reactors I think people are afraid.
Of a lot of -- racking in terms of going down below below the earth people afraid of a lot of the offshore drilling given what happened in Louisiana.
In the Gulf of Mexico I think that's what you're go pick up behind you just think we should drill baby drill and you don't understand we also risked blowing -- -- -- up from.
Houghton I think what about what about approving a nuclear reactor is drill baby drill not a -- I -- go I didn't division but fear is not a good energy policy.
I agree we should have safeguards we should do this but in thirty years there's been a great deal of advancements even the meltdown in Japan was not.
External in many ways it was internal but going beyond that rare earth metals where we started.
-- -- -- the seller technology we need them for missile technology whether it's conductivity and materials hardening of steel and missile technology or weaponry.
Or whatever it is solar energy.
China has gone around the world Eric they'd buy up these deposits they shipping and they don't train indigenous populations.
They ship in a workforce.
Take the resources and bring them back there -- playing and us and then they're gonna sell it back to us.
And one that -- they are they doing in a rare earth they're doing it everything they're doing and other metals that are doing it in oil they're buying up.
Natural resource assets around the world and -- putting in their -- one day we have to go to China hat in hand say I know you all of a -- we -- -- lot of money already but.
Can you loan us a little oil -- please.
-- I don't see that I mean I think the saudis I think the new steps that we've taken in terms of helping Brazil become more and more over.
Oil producer I think we're safe -- -- -- tell you what worries me on this is China is now outperforming us in terms of Green energy innovation.
And that's and -- is gonna create new jobs is gonna make China a dominant player.
In terms of innovative new alternative energy sources and I can't believe we're given up that market.
But I would actually we haven't what's going on in China right now is they've got to forced infrastructure development.
There -- hit in a bubble they may hit a bubble in a couple years because they are literally make it work.
They're -- -- Obama wants to do in this country.
Make work here let's let the technology -- get to the point where the market will consume it and believe me.
We as Americans do we are more energy efficient when Americans decide to use.
Our resource is whether it's gas oil.
Responsibly solar wind we can use a combination that's comprehensive -- -- -- and nuclear --
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